Gallagher will acquire JLT’s global aerospace broking business, including operations in Australia and New Zealand, for around £190 million ($351 million) as it continues an expansion in the sector.

The JLT business, which includes airlines, aerospace infrastructure, general aviation and space and satellite cover, has about 250 staff operating in15 countries.

Last year the business generated revenues of around £65 million ($120 million) and estimated profit before tax of £12 million ($22.2 million).

“The addition of JLT’s global aerospace broking operations will firmly position Gallagher as a leading broker in the extremely attractive and dynamic aviation and aerospace sector,” President and CEO Patrick Gallagher said.

“The business portfolio is a highly complementary geographic fit with Gallagher’s existing footprint and will provide significant growth opportunities for our international business.”

Gallagher last year added independent aviation insurance and reinsurance broker Boston Marks to its growing London-based operations.

That deal also included a retail brokerage in Australia and New Zealand and wholesale operations in the UK and the US.

The Boston Marks portfolio ranged across regional airlines, corporate jets, aero-medical operators, tourism, flying training, aerial agriculture, firefighting, mustering, private aircraft, drones and maintenance and ground handling liability.

The JLT acquisition includes the assets of Hayward Aviation, a UK insurance broker that specialises in aviation for high net worth individuals and smaller airlines.

The sale will also see about 100 JLT employees in the London market becoming part of Gallagher’s existing aviation division.

The JLT acquisition is scheduled to close in the northern spring, when Marsh & McLennan’s purchase of JLT is also due to be finalised. Both transactions remain subject to European Commission approval.